Over 100 tonnes of bad Naira notes destroyed weekly – CBN

The apex bank said the Naira notes are destroyed weekly through open-air burning at its 12 disposal centres across the country.

The apex bank in the notice said that it would work with private firms to begin the recycling of bad naira notes. Section 18 of the CBN Act 2007 authorised the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20 of the said Act or otherwise found by the Bank to be unfit for use.The destruction of unfit banknotes in Nigeria is carried out by the CBN under strict security and environmentally sustainable manner.

“These wastes are destroyed through open-air burning in sites owned by the bank or rented, usually from the respective State Governments.

Showing how unconcerned we are towards our own National Symbol.

New notes at parties, owambe

100 tonnes?! Clearly exaggerated! I don't need to be at the NSPMC to know this. Check the value of economic cash liquidity. Consider minting cost for new notes. Factor an average replacement rate - Worst case is a 4yr lifespan. Factor the weight of an average bill in grams... 🙂

Obviously they weren't disposed, they come back to us again and again and they keep the record of it being burnt or how come bad notes keeps increasing if you are disposing then right? Smh

Let me spend it for you.. I know where to spend it... Am awaiting your swift response.

Lol, meanwhile we only see new naira notes during December😂

CBN should use quality material in the production of our currency.

Over 100 abi, those billion inside ur house, and the politician are the one u suppose to laments on? Not old money that have stay for years

Destroyed or recycled?

That shows the longevity of these notes should be taken into consideration, especially N100 notes they become bad so quickly.

U should know Buhari administration now ...I call it Liars international headed by Lai himself

Were you sure

.......and the poor ones are still in circulation

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